The renewable energy investment tax credit (ITC) is extended for one more year

Tax credit extensions for biomass, hydro and wind facilities

10% price reduction subsidy on small electric vehicles

Tax credits for energy efficient homes and products to continue to end of 2013

Further tax credits for bio-fuel producers.

During the announcement, President Obama described the agreement as "one step in the broader effort to strengthen our economy and broaden opportunity for everybody." He added: “Companies will continue to receive tax credits for the research that they do, the investments they make, and the clean energy jobs that they create.”

Mark Kenber, CEO, The Climate Group commented: “While the ITC is a positive step forward for the wind industry and we are encouraged that there is continued support for other green technologies, what we really need is a more comprehensive, long term policy that achieves real, large-scale sustainable transformation.

"We need bolder policy to achieve an American clean revolution: the only feasible path to a smarter, better, more prosperous future for all.“